Innovative Industrial Properties, Inc. (NYSE:IIPR) Shares Sold by Bristlecone Advisors LLC

Bristlecone Advisors LLC trimmed its stake in Innovative Industrial Properties, Inc. (NYSE:IIPR) by 1.1% in the fourth quarter, HoldingsChannel.com reports. The fund owned 11,254 shares of the company’s stock after selling 125 shares during the quarter. Bristlecone Advisors LLC’s holdings in Innovative Industrial Properties were worth $1,135,000 at the end of the most recent reporting period.

A number of other institutional investors also recently made changes to their positions in IIPR. Headlands Technologies LLC acquired a new position in shares of Innovative Industrial Properties in the third quarter worth $25,000. FNY Investment Advisers LLC acquired a new position in Innovative Industrial Properties in the fourth quarter valued at $40,000. Global Retirement Partners LLC increased its stake in Innovative Industrial Properties by 67.6% in the third quarter. Global Retirement Partners LLC now owns 796 shares of the company’s stock valued at $58,000 after purchasing an additional 321 shares during the last quarter. Headinvest LLC acquired a new position in Innovative Industrial Properties in the third quarter valued at $62,000. Finally, Independence Bank of Kentucky increased its stake in Innovative Industrial Properties by 82.9% in the fourth quarter. Independence Bank of Kentucky now owns 640 shares of the company’s stock valued at $65,000 after purchasing an additional 290 shares during the last quarter. 70.58% of the stock is owned by institutional investors and hedge funds.

Innovative Industrial Properties Stock Performance

Shares of NYSE:IIPR opened at $100.96 on Monday. The firm has a market capitalization of $2.85 billion, a PE ratio of 17.50 and a beta of 1.49. The company has a debt-to-equity ratio of 0.16, a current ratio of 14.22 and a quick ratio of 14.22. The business has a 50-day moving average of $96.22 and a two-hundred day moving average of $88.77. Innovative Industrial Properties, Inc. has a 12 month low of $63.36 and a 12 month high of $105.81.

Innovative Industrial Properties (NYSE:IIPR) last announced its quarterly earnings results on Monday, February 26th. The company reported $1.45 EPS for the quarter, missing the consensus estimate of $2.07 by ($0.62). The firm had revenue of $79.16 million for the quarter, compared to analyst estimates of $76.55 million. Innovative Industrial Properties had a return on equity of 8.54% and a net margin of 53.50%. As a group, research analysts forecast that Innovative Industrial Properties, Inc. will post 8.49 earnings per share for the current year.

Innovative Industrial Properties Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, April 15th. Shareholders of record on Thursday, March 28th will be paid a dividend of $1.82 per share. The ex-dividend date is Wednesday, March 27th. This represents a $7.28 annualized dividend and a yield of 7.21%. Innovative Industrial Properties’s dividend payout ratio is presently 126.17%.

Analysts Set New Price Targets

Several research firms recently commented on IIPR. TheStreet upgraded Innovative Industrial Properties from a “c+” rating to a “b-” rating in a research note on Wednesday, January 10th. Piper Sandler upped their target price on Innovative Industrial Properties from $85.00 to $103.00 and gave the company a “neutral” rating in a research note on Thursday, February 29th. Four research analysts have rated the stock with a hold rating, According to data from MarketBeat, Innovative Industrial Properties has an average rating of “Hold” and an average price target of $92.67.

Innovative Industrial Properties Profile

Innovative Industrial Properties, Inc is a self-advised Maryland corporation focused on the acquisition, ownership and management of specialized properties leased to experienced, state-licensed operators for their regulated cannabis facilities. Innovative Industrial Properties, Inc has elected to be taxed as a real estate investment trust, commencing with the year ended December 31, 2017.